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Bitcoin is bits of data on a network. It does exactly what its supposed to do; a dictionary for strings to integers. Securing external value to people is not a
by doggosphere 6y ago
Bitcoin is bits of data on a network. It does exactly what its supposed to do; a dictionary for strings to integers.
Securing external value to people is not a goal or responsibility of Bitcoin. That's simply a consequence to how we as humans choose to use scarce assets.
- incrudible 6y ago> Securing external value to people is not a goal or responsibility of Bitcoin. Fair enough, but then your comparison to physical gold is meaningless. Physical gold is generally used to store value, not to transfer it. For that purpose, you have paper money (or paper gold such as futures) which is cheap to transfer.
- doggosphere 6y agoGold has had thousands of years to equalize in value. Bitcoin is about 12 years old.
- incrudible 6y agoAlright, then maybe in a hundred years your gold comparison will be meaningful, but not today.
- doggosphere 6y agoDisruptive technology is disruptive. Tell someone from the past to imagine having godlike computing power in your pocket, and they'd say "why would anyone want that?"
- incrudible 6y agoI'm not sure what your point is right now. Sure, it's "disruptive technology", that doesn't mean it can be used to store value into the future. Computers that are decades old, which were "disruptive technology" at the time, are scrapped today - for their gold.